About Me

Since the 1990s I have been very involved with fighting the military "don't ask don't tell" policy for gays in the military, and with First Amendment issues. Best contact is 571-334-6107 (legitimate calls; messages can be left; if not picked up retry; I don't answer when driving) Three other url's: doaskdotell.com, billboushka.com johnwboushka.com Links to my URLs are provided for legitimate content and user navigation purposes only.
My legal name is "John William Boushka" or "John W. Boushka"; my parents gave me the nickname of "Bill" based on my middle name, and this is how I am generally greeted. This is also the name for my book authorship. On the Web, you can find me as both "Bill Boushka" and "John W. Boushka"; this has been the case since the late 1990s. Sometimes I can be located as "John Boushka" without the "W." That's the identity my parents dealt me in 1943!

Saturday, November 10, 2007

Alternative Minimum Tax relief; Are reverse mortgages in jeopardy?

On Friday Nov. 9 the House of Representatives passed a bill to provide some relief from the alternative minimum tax, which has started to affect more moderate income families that take lots of certain kinds of deductions. The tax was originally constructed to make sure that richer people pay some tax, but was not correct with regard to inflation. The House also approved moderate income families that do not itemize deductions getting a home mortgage deduction in some cases.

The shift in policy is supposed to be paid for by treating “pyramid” income in certain sales businesses (mostly financial products and hedge funds) as work income rather than capital gains. It’s not clear if this could affect agents, renewal commissions, or partial volume offsets paid to distributors in many businesses. These are important to retirees, since many people go into sales businesses after formal retirement and earn commissions this way.

The company doesn’t expect housing prices to mount a stable recovery until the endo of 2009. Many parts of the country may see a real estate recession similar to what struck Texas at the end of the 1980s and lasted well into the 90s. Many seniors have taken home equity loans and reverse mortgages and these could come.Update: Nov. 13, 2007

The Washington Times has an op-ed on p A23 by Sen. Jeff Sessions (R-Alabama) "Families First: Tax Reform where it counts". He argues that even the reform bill will leave in place a system that favors high state taxes and penalizes families with children in those states. He believes that personal exemptions should count in figuring an AMT.

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